Former presidential candidate of the Labour Party, Peter Obi, has expressed worry over what described as massive revenue leakages in Nigeria, warning that the country is “bleeding from within” despite rising earnings.
In a statement released on X on Saturday, Obi referenced recent World Bank estimates indicating Nigeria generated about ₦84 trillion in federation revenue over the past three years.
He said that 41% of the funds, around ₦34.44 trillion, were not remitted to the Federation Account.
He noted that the figure exceeds the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Bills, describing the comparison as a reflection of the scale of the issue.
According to him, the development suggests systemic problems in public finance management, which he said have continued to deprive critical sectors such as healthcare, education and infrastructure of needed funding.
The former presidential candidate called for greater transparency and accountability in revenue management, urging leaders to redirect public resources towards national development priorities.
“It is deeply troubling to read recent World Bank reports indicating that, while Nigeria’s Federation Revenue surged to ₦84 trillion in just three years, a staggering 41%, amounting to ₦34.44 trillion, never reached the Federation Account.
“This sum exceeds the combined ₦34 trillion earmarked for capital projects in the 2024 and 2025 Appropriation Bills, a comparison that underscores the gravity of the situation and signals that something is fundamentally wrong.
“This is not a mere oversight; it points to institutionalised corruption on a massive scale. In 1994, when the Okigbo Panel reported about $12.4 billion from the Gulf War oil windfall as unaccounted for, Nigerians were outraged and the nation shook with indignation.
“Today, an even more troubling situation appears to be unfolding, yet it is met with a disquietening silence.
“We are trapped in a lethal paradox: Earning more as a nation, yet having less to invest in healthcare, education, and infrastructure. From 2025, systemic “deductions” have allowed agencies to capture more resources than entire states and even critical ministries.
“These leakages explain why countries with fewer resources are out-performing us across key development indices. With such a broken system, how can we fix power, strengthen our schools, build resilient healthcare, or develop critical infrastructure?
“Nigeria has no business being poor. We must stop these leakages through disciplined, transparent leadership driven by character. It is time to redirect our hijacked resources back to the people and move Nigeria into the league of developed nations.
“With our collective resolve to change this corruption-infested system, a New Nigeria is POssible.”
